fourth quarter 2020 investor presentation · 5 new 2021 segment reporting: 2020 and 2019 q4 and...

Fourth Quarter 2020Investor Presentation

February 25, 2021

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Safe Harbor StatementForward Looking LanguageCertain statements in this presentation constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries (the “Company”), to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases “guidance,” “believe,” “expect,” “anticipate,” “estimates,” “forecast” and similar words or expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances, such as statements about the anticipated impact of the COVID-19 pandemic on our business, financial position and results of operations, expectations regarding economic recovery and the recovery of advertising revenue, financial performance of our new segments, our acquisition of Triton, our expected costs, savings and timing of our modernization initiatives and other capital and operating expense reduction initiatives, our business plans, strategies and initiatives, our expectations about certain markets and our anticipated financial performance and liquidity, are forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other important factors, some of which are beyond our control and are difficult to predict. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this presentation include, but are not limited to: weak or uncertain global economic conditions; the impact of the COVID-19 pandemic; increased competition; dependence upon the performance of on-air talent, program hosts and management; fluctuations in operating costs; technological changes and innovations; shifts in population and other demographics; impact of our substantial indebtedness; impact of acquisitions, dispositions and other strategic transactions; legislative or regulatory requirements; impact of legislation, ongoing litigation, or royalty audits on music licensing and royalties; regulations and concerns regarding privacy and data protection; risk associated with our emergence from the Chapter 11 Cases; risks related to our Class A common stock; and regulations impacting our business and the ownership of our securities. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this presentation may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this presentation. Additional risks that could cause future results to differ from those expressed by any forward-looking statement are described in the Company’s reports filed with the U.S. Securities and Exchange Commission, including in the section entitled “Item 1A. Risk Factors” of iHeartMedia, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Except as otherwise stated in this presentation, the Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

Non-GAAP Financial MeasuresThis presentation includes information that does not conform to U.S. generally accepted accounting principles (GAAP), such as (i) Adjusted EBITDA, (ii) Free cash flow and (iii) revenue excluding the effects of political revenue. Since these non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, the most directly comparable GAAP financial measures as an indicator of operating performance. Furthermore, these measures may not be consistent with similar measures provided by other companies. This data should be read in conjunction with previously published company reports on Forms 10-K, 10-Q and 8-K. These reports are available on the Investor Relations page of www.iheartmedia.com. Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are included at the end of this presentation.

This presentation should be read in conjunction with the Q4 2020 and YTD 2020 earnings release of iHeartMedia, Inc. and Form 10-K filing of iHeartMedia, Inc. available at www.iheartmedia.comNumbers may not sum due to rounding. In this presentation, Adjusted EBITDA is defined as consolidated Operating income adjusted to exclude restructuring and reorganization expenses included within Direct operating expenses, Selling, General and Administrative expense, (“SG&A”) and Corporate expenses and share-based compensation expenses included within Corporate expenses, as well as the following line items presented in our Statements of Operations: Depreciation and amortization; Impairment charges; and Other operating income (expense), net. Free cash flow from (used for) continuing operations is defined as Cash provided by (used for) operating activities from continuing operations less capital expenditures, which is disclosed as Purchases of property, plant and equipment by continuing operations in the Company's Consolidated Statements of Cash Flows. See reconciliations in the Appendix.

Predecessor - Successor PresentationOur financial results for the period from January 1, 2019 through May 1, 2019 are referred to as those of the “Predecessor” period. Our financial results for the three and twelve months ended December 31, 2020, the three months ended December 31, 2019 and the period from May 2, 2019 through December 31, 2019 are referred to as those of the “Successor” period. Our results of operations as reported in our Consolidated Financial Statements for these periods are prepared in accordance with GAAP. Although GAAP requires that we report on our results for the period from January 1, 2019 through May 1, 2019 and the period from May 2, 2019 through December 31, 2019 separately, management views the Company’s operating results for the nine months ended December 31, 2019 by combining the results of the applicable Predecessor and Successor periods because such presentation provides the most meaningful comparison of our year-to-date results to prior periods.

The combined results for the twelve months ended December 31, 2019, which we refer to herein as the results for the "year ended December 31, 2019" represent the sum of the reported amounts for the Predecessor period from January 1, 2019 through May 1, 2019 and the Successor period from May 2, 2019 through December 31, 2019. These combined results are not considered to be prepared in accordance with GAAP and have not been prepared as pro forma results per applicable regulations. The combined operating results do not reflect the actual results we would have achieved absent our emergence from bankruptcy and may not be indicative of future results.

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Executive Summary

ØQ4Results:StrongSequentialPatternsContinue▪ Q4Revenueof$936milliondown9%YoY,improvingfromdown22%YoYinQ3and47%YoYinQ2;asubstantialincrease

from$744millioninQ3▪ Q4Revenuebenefitedfromstrongdigitalgrowthof53%YoY(PodcastRevenueincreased100%YoY)andsignificantpolitical

advertising▪ AdjustedEBITDAof$265milliondown13%YoY;substantialincreasefrom$162millioninQ3,whichwasdown41%YoY▪ FreeCashFlowof$53millioninQ4comparedto$14millioninQ3and$(7)millioninQ2▪ Cashbalanceandtotalavailableliquidity1of$721millionand$893million,respectively,asof12/31/20

ØDigitalAudioBusinesstoReportSeparateSegmentFinancialResultsStartinginQ12021▪ MovingtoThreeReportableSegments:iHeartMediaMultiplatformGroup,iHeartMediaDigitalAudioGroup,andAudio&

MediaServices▪ Q4DigitalAudiorevenueof$172millionup53%YoYand18%ofConsolidatedRevenues;35%AdjustedEBITDAMargins

ØPendingTritonDigitalAcquisitionCompletesMulti-YearCreationofIndustry-LeadingAudioTechnologyPlatform▪ iHeartnowpositionedtoprovidecompleteadvertisingtechnologysolution:hosting/infrastructure,monetization,and

measurement▪ Substantialcontentanddistributionsynergies:nowuniquelyempoweredtoenhancemonetizationinpodcasting,digital/

streamingradio,andbroadcastradio

ØDramaticallyExpandedTradingLiquidityandPublicFloatforiHeartClassAStock▪ FCC-rulingmilestonepermitsspecialwarrantstoconverttoliquidClassAstock▪ ClassAsharecountnowexpandedto111millionClassAshareswithatotalmarketvalueof$1.6billion2

Ø ContinuedProgress inAchieving LargeStructuralCost Improvements toProvide IncreasedOperating LeverageasAdvertisingActivityRecovers

1.TotalavailableliquiditydefinedascashandcashequivalentsplusavailableborrowingsunderourABLFacility.Weusetotalavailableliquiditytoevaluateourcapacitytoaccesscashtomeetobligationsandfundoperations.

2.Basedon111millionClassASharespost-conversionandclosingsharepriceasofFebruary22,2021

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▪ OurDigitalAudiobusinesswilloperateasiHeartMediaDigitalAudioGroup▪ OurindustryleadingbroadcastradiobusinesswillbepartofiHeartMediaMultiplatformGroup▪ NewstructurehighlightsuniquefinancialstrengthsofbothDigitalAudioandMultiplatformGroups▪ ThesesegmentswillcontinuetoreportintoBobPittman,ChairmanandCEO,andRichBressler,President,COOandCFO

▪ TheiHeartMediaDigitalAudioGroup• Includes our fast-growing and high-profile podcasting business – iHeart is the number one podcast publisher in

downloads,uniquelisteners,revenueandearnings◦ Podcastingrevenuegrew100%inQ42020

• Also includes our industry leading iHeartRadio digital service, our digital sites, digital services and programs, and ourdigitaladvertisingcompanies, includingJelli,RadioJar,Unified,VoxnestandtherecentlyannouncedTritonDigitaluponcompletionoftheacquisition

• In FY 2020, Digital Audio’s revenue grew 26%, generated $131million of Adjusted EBITDA, with an Adjusted EBITDAmarginof28%

• Q42020revenuegrew53%YoYwithanAdjustedEBITDAmarginof35%

▪ TheiHeartMediaMultiplatformGroup• IncludesouriHeartMediaMarketsGroup,withits860+radiostationsin160markets• Also includes our Live and Virtual Events business, our National Sales organization, our Networks business, which is

comprisedofPremiereNetworksandTotalTrafficandWeatherNetwork(TTWN),andBIN:BlackInformationNetwork• With our broadcast radio stations alone, theMultiplatformGroup reachesmore people everymonth than any other

audioormediacompanyinAmerica• Inadditiontoitsindustry-leadingfranchiseandrobustcash-flowmodel,theMultiplatformGroupprovidesasynergistic

platformwhichenablesustoaccelerategrowthandinnovationacrossallbusinesses,includingDigitalAudio,thatdigital-onlycompaniescannotmatch

Digital Audio Business to Report Separate Segment Financial Results Starting in Q1 2021

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New 2021 Segment Reporting: 2020 and 2019 Q4 and Full Year Results

(In millions) Revenue Adjusted EBITDA Margin %

Q4

Segment 2020 2019 % Change 2020 2019 % Chg 2020 2019

Multiplatform Audio Group $ 665 $ 849 (22)% $ 206 $ 307 (33)% 31% 36%

Digital Audio Group 172 112 53% 61 35 74% 35% 31%

Audio & Media Services Group 100 67 49% 48 19 153% 48% 28%Corporate and other reconciling itmes — — (49) (54) (9)%

Eliminations (2) (2) — —

Consolidated $ 936 $ 1,026 (9)% $ 266 $ 306 (13)% 28% 30%

Memo: Podcasting $ 42 $ 21 100%

Memo: Digital ex. Podcasting $ 130 $ 91 42%

(In millions) Revenue Adjusted EBITDA Margin %

FY

Segment 2020 2019 % Change 2020 2019 % Chg 2020 2019

Multiplatform Audio Group $ 2,207 $ 3,078 (28)% $ 483 $ 1,063 (55)% 22% 35%

Digital Audio Group 474 376 26% 131 93 41% 28% 25%

Audio & Media Services Group 275 237 16% 95 61 56% 34% 26%Corporate and other reconciling itmes — — (170) (215) (21)%

Eliminations (8) (8) — —

Consolidated $ 2,948 $ 3,684 (20)% $ 539 $ 1,001 (46)% 18% 27%

Memo: Podcasting $ 101 $ 53 91%

Memo: Digital ex. Podcasting $ 373 $ 323 15%

Figures may not foot due to rounding.

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iHeartHasStrategicallyCreatedtheBest-in-Class

AudioTechnologyEcosystem,

ComplementingitsLeadingPositioninContentandDistribution

This istheresultofatargetedandpatientmulti-yearstrategy tocreateauniquely best-in-class media machine with three prongs (1) content, (2)distribution, and (3) technology to support hosting/infrastructure,monetization,andmeasurement.Additionally, iHearthasbuilt the largestnationalclientandagencydrivenmarketing strategyandenterprisesalesorganization, which is complemented by iHeart’s electronicmonetizationplatforms

Theresult,culminatingwiththependingacquisitionofTriton, isabest-in-class full-stack integratedAudioMediaoffering allowingus toestablishaTotalAudiosolutionforiHMandfellowaudiopublishersofallsizes

Withthisfull-stackoffering,iHeartispositionedtoacceleratefuturevaluecreationviapodcasting,digital,ourtraditionalbroadcastofferings,andbyprovidingtechnologysolutionstootheraudiocompanies

Thisevolution validatesourapproachofconstant innovationwitha long-termoutlook toensurewe remain the leader inaudiomedia,both todayandintothefuture

iHeart istheonlyAudioMediacompanypossessingacombinationofnextgenerationsolutionsforbroadcastandcutting-edgecapabilitiesfordigital01

We have done this both organically and through acquisition, buildingwhere possible and buying where necessary with rapid integration afteracquisition

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iHeartMediaHasExecutedaMulti-YearStrategytoCreateaSynergisticFull-StackAudioMediaCompanyConsistingof(1)Content,(2)Distribution,and(3)Technology…

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IHRT is Positioned to be Resilient with Streamlined Cost Structure Delivering Sustained Long-Term Margin Improvement

▪ Wetookearlyactionstofocusonaggressivecostmanagementandmaximizingliquiditytobepreparedforapotentialprotractedrecovery

▪ Ourmodernizationandothercostsavinginitiativesareamulti-prongedsetofstrategicinitiativesaimedatcreatinglastingstructuralefficienciesthatwillpositionthecompanyforsustainable,long-termgrowthanddriveshareholdervalue

▪ Investmentinmodernizationisastrategicdecisiontopioneerbestpractices• Leverageinvestmentsincloud-basedtechnologyandAItomaximizeperformance• Createcentersofexcellencethroughouttheorganizationthatconsolidatekeyresourcesforthe

Companyintoonelocation,increasingquality,improvingservice,andreducingcost• Expandsupportforourcontentcreatorsandsalesforce• Optimizeourrealestatefootprint

▪ Modernizationandcostsavinginitiativesdelivered$250millionofsavingsin2020• $50millionin2020fromModernizationinitiatives;$100millionrun-ratebymid-2021• $200millionofadditionalopexsavingsin2020achievedinresponsetoCOVID• Wehavedevelopedplanstomakethemajorityofthe$200millionofpost-COVIDexpensesavings

permanent

▪ Increasedfocusonliquiditythroughproactivecapitalstructuremanagement• Cashbalance=$720.7millionasofDecember31,2020• Totalavailableliquidity1=$893.0millionasofDecember31,2020

(1) Total available liquidity defined as cash and cash equivalents plus available borrowings under the ABL Facility.

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Q4 '20 Financial Results

Notes: In this presentation, Adjusted EBITDA is defined as consolidated Operating income adjusted to exclude restructuring and reorganization expenses included within Direct operating expenses, Selling, General and Administrative expense (“SG&A”), and Corporate expenses and share-based compensation expenses included within Corporate expenses, as well as the following line items presented in our Statements of Operations: Depreciation and amortization; Impairment charges; and Other operating expense (income), net. See reconciliations in the Appendix.

$US Dollars in millions Successor Company Successor Company

Three Months EndedDecember 31,

Three Months EndedSeptember 30,

2020 2019 Variance 2020Revenue $ 935.5 $ 1,026.1 (8.8) % $ 744.4 Direct operating expenses 334.9 363.4 (7.8) % 276.7

SG&A expenses 327.2 350.3 (6.6) % 292.6

Corporate expenses 43.5 50.8 (14.3) % 34.7

Depreciation & amortization 103.4 95.0 8.9 % 99.4

Impairment charges 5.5 — —

Other operating expenses 8.1 1.4 1.7 Operating income $ 112.8 $ 165.1 (31.7) % $ 39.4 Depreciation & amortization 103.4 95.0 99.4

Impairment charges 5.5 — —

Other operating expenses 8.1 1.4 1.7

Share-based compensation 8.1 6.3 5.9

Restructuring expenses 27.5 38.4 15.8

Adjusted EBITDA $ 265.5 $ 306.1 (13.3) % $ 162.1

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Full Year 2020 Financial Results

$US Dollars in millionsSuccessor Company

Successor Company

Predecessor Company

Non-GAAP Combined

Year Ended December 31,

May 2 - December 31, January 1 - May 1,


2020 2019 2019 2019 VarianceRevenue $ 2,948.2 $ 2,610.1 $ 1,073.5 $ 3,683.5 (20.0) % Direct operating expenses 1,163.1 879.0 381.2 1,260.1 (7.7) % SG&A expenses 1,225.1 897.7 427.2 1,324.9 (7.5) % Corporate expenses 144.6 136.2 53.6 189.8 (23.8) % Depreciation & amortization 402.9 249.6 52.8 302.5 33.2 % Impairment charges 1,738.8 — 91.4 91.4

Other operating expenses 11.3 8.0 0.2 8.2 Operating income (loss) $ (1,737.6) $ 439.6 $ 67.0 $ 506.7 nm Depreciation & amortization 402.9 249.6 52.8 302.5 Impairment charges 1,738.8 — 91.4 91.4 Other operating expenses 11.3 8.0 0.2 8.2 Share-based compensation 22.9 26.4 0.5 26.9 Restructuring expenses 100.4 51.9 13.2 65.1 Adjusted EBITDA $ 538.7 $ 775.5 $ 225.1 $ 1,000.7 (46.2) %

Notes: In this presentation, Adjusted EBITDA is defined as consolidated Operating income adjusted to exclude restructuring and reorganization expenses included within Direct operating expenses, Selling, General and Administrative expense, and Corporate expenses and share-based compensation expenses included within Corporate expenses, as well as the following line items presented in our Statements of Operations: Depreciation and amortization; Impairment charges; and Other operating expense (income), net. See reconciliations in the Appendix.

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iHeartMedia Revenue Streams$US Dollars in millions Successor Company

Three Months Ended December 31,2020 2019 Variance

RevenueBroadcast Radio $ 494.7 $ 611.8 (19.1) %Digital 172.2 112.5 53.0 %Networks 135.1 160.1 (15.6) %Sponsorship and Events 34.6 71.9 (51.8) %Audio and Media Services 100.2 66.9 49.9 %Other 0.6 5.0 (87.1) %Eliminations (1.9) (2.0) Revenue, total $ 935.5 $ 1,026.1 (8.8) %


Successor Company

Predecessor Company

Non-GAAP Combined




2020 2019 2019 2019 VarianceRevenueBroadcast Radio $ 1,604.9 $ 1,575.4 $ 657.9 $ 2,233.2 (28.1) %Digital 474.4 273.4 102.8 376.2 26.1 %Networks 485.0 425.6 189.1 614.7 (21.1) %Sponsorship and Events 107.7 159.2 50.3 209.5 (48.6) %Audio and Media Services 274.7 167.3 69.4 236.7 16.1 %Other 9.4 14.2 6.6 20.8 (55.0) %Eliminations (7.8) (5.0) (2.6) (7.6) Revenue, total $ 2,948.2 $ 2,610.1 $ 1,073.5 $ 3,683.5 (20.0) %

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Political Revenue Impact by Segment

$US Dollars in millions Successor CompanyThree Months Ended December 31,

2020 2019 VarianceRevenuePolitical Revenue Impact:Audio Segment $ 54.3 $ 9.5 $ 44.8 Audio & Media Svs Segment 40.8 4.1 36.7 Total $ 95.1 $ 13.7 $ 81.4


Successor Company

Predecessor Company

Non-GAAP Combined




2020 2019 2019 2019 VarianceRevenuePolitical Revenue Impact:Audio Segment $ 98.7 $ 17.8 $ 4.0 $ 21.8 $ 76.9 Audio & Media Svs Segment 68.8 6.2 0.8 7.0 61.8 Total $ 167.5 $ 24.0 $ 4.8 $ 28.8 $ 138.7

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Capital Expenditures

$USD in millions

Year Ended December 31,2020 2019 Variance

Audio $ 73.9 $ 93.2 $ (19.3) Audio & Media Services 5.1 5.3 (0.2) Corp 6.2 13.7 (7.5) Total $ 85.2 $ 112.2 $ (27.0)

Key Drivers:• Reduction driven by cost-savings

initiatives• IT infrastructure and back office

automation• Leasehold improvements

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DebtSuccessor Company

$USD in millions MaturityDecember 31,

2020December 31,

2019Cash and cash equivalents $ 720.7 $ 400.3

Term Loan Facility due 2026(1) 2026 $ 2,080.3 $ 2,251.3 Incremental Term Loan Facility due 2026(2) 2026 447.8 — Asset-based Revolving Credit Facility(2)(3) 2023 — — 6.375% Senior Secured Notes 2026 800.0 800.0 5.25% Senior Secured Notes 2027 750.0 750.0 4.75% Senior Secured Notes 2028 500.0 500.0 Other Secured Subsidiary Debt 22.7 21.0 Total Secured Debt 4,600.8 4,322.3

8.375% Senior Unsecured Notes 2027 1,450.0 1,450.0 Other Subsidiary Debt 6.7 12.5 Purchase accounting adjustments and original issue discount (18.8) — Long-term debt fees (21.8) (19.4) Total Debt $ 6,016.9 $ 5,765.4

Net Debt $ 5,296.2 $ 5,365.1

Weighted Average Cost of Debt 5.5 % 6.4 %Mandatorily Redeemable Preferred Stock $ 60.0 $ 60.0

(1) On February 3, 2020, iHeartCommunications made a $150.0 million prepayment using cash on hand and entered into an agreement to amend the Term Loan Facility to reduce the interest rate to LIBOR plus a margin of 3.00%, or the Base Rate (as defined in the credit agreement) plus a margin of 2.00% and to modify certain covenants contained in the credit agreement.

(2) On July 16, 2020, iHeartCommunications issued $450.0 million of incremental term loans under the Amendment No. 2. Proceeds from the issuance were used to repay the remaining balance outstanding on the Company's ABL Facility of $235.0 million and to increase cash equivalents available for general corporate purposes.

(3) On March 13, 2020, iHeartCommunications borrowed $350.0 million under the ABL Facility, the proceeds of which were invested as cash on the Balance Sheet. During the second and third quarters of 2020, iHeartCommunications voluntarily repaid all principal amounts outstanding under the ABL Facility. As of December 31, 2020, the ABL Facility had a borrowing base of $450.0 million, no principal amounts outstanding and $32.9 million of outstanding letters of credit, resulting in $417.1 million of excess availability. As a result of certain restrictions in the Company's debt and preferred stock agreements, as of December 31, 2020, approximately $172 million was available to be drawn upon under the ABL Facility.

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Appendix

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Q4 2020 and Full Year 2020 Reconciliation of Free Cash Flow from (used for) Continuing Operations to Cash Provided by Operating Activities provided by (user for) Continuing Operations

(In thousands) Successor Company


Three Months Ended

September 30,2020 2019 2020

Cash provided by operating activities from continuing operations $ 79,784 $ 205,363 $ 33,252 Purchases of property, plant and equipment from continuing operations (26,682) (29,688) (18,977)

Free cash flow from continuing operations $ 53,102 $ 175,675 $ 14,275

Successor Company

Successor Company

Predecessor Company

Non-GAAP Combined




2020 2019 2019 2019Cash provided by (used for) operating activities from continuing operations $ 215,945 $ 468,905 $ (7,505) $ 461,400 Purchases of property, plant and equipment from continuing operations (85,205) (75,993) (36,197) (112,190) Free cash flow from (used for) continuing operations $ 130,740 $ 392,912 $ (43,702) $ 349,210

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Q4 2020 Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA

$US Dollars in millions Successor Company


Three Months Ended

September 30,2020 2019 2020

Net income (loss) $ 2,943 $ 62,132 $ (32,112) Income tax benefit (expense) 25,858 (12,670) (15,228) Interest expense, net 86,131 96,095 85,562 Depreciation and amortization 103,435 94,972 99,379 EBITDA $ 218,367 $ 240,529 $ 137,601 Gain (Loss) on investments, net 733 22,663 (62) Other (income) expense, net (2,544) (3,348) 1,177 Equity in (income) loss of nonconsolidated affiliates (274) 254 58 Impairment charges 5,517 — — Other operating expense, net 8,097 1,366 1,675 Share-based compensation 8,134 6,260 5,885 Restructuring and reorganization expenses 27,463 38,416 15,790 Adjusted EBITDA $ 265,493 $ 306,140 $ 162,124

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Full Year 2020 Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA


Successor Company

Predecessor Company

Non-GAAP Combined


May 2 - December 31, Jan 1 - May 1,


2020 2019 2019 2019Net income (loss) $ (1,915,222) $ 113,299 $ 11,165,113 $ 11,278,412 Income from discontinued operations, net of

tax — — (1,685,123) (1,685,123) Income tax expense (benefit) (183,623) 20,091 39,095 59,186 Interest expense (income), net 343,745 266,773 (499) 266,274 Depreciation and amortization 402,929 249,623 52,834 302,457 EBITDA $ (1,352,171) $ 649,786 $ 9,571,420 $ 10,221,206 Reorganization items, net — — (9,461,826) (9,461,826) Loss on investments, net 9,346 20,928 10,237 31,165 Other (income) expense, net 7,751 18,266 (23) 18,243 Equity in loss of nonconsolidated affiliates 379 279 66 345 Impairment charges 1,738,752 — 91,382 91,382 Other operating expense, net 11,344 8,000 154 8,154 Share-based compensation 22,862 26,411 498 26,909 Restructuring and reorganization expenses 100,410 51,879 13,241 65,120 Adjusted EBITDA $ 538,673 $ 775,549 $ 225,149 $ 1,000,698

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Q4 2020 Reconciliation of RevenueExcluding Effects of Political Revenue to Revenue

(In thousands) Successor CompanyThree Months Ended December 31,

2020 2019Consolidated revenue $ 935,530 $ 1,026,072 Excluding: Political revenue (95,097) (13,654) Consolidated revenue excluding effects of political revenue $ 840,433 $ 1,012,418

Audio revenue $ 837,199 $ 961,206 Excluding: Political revenue (54,261) (9,518) Audio revenue excluding effects of political revenue $ 782,938 $ 951,688

Audio and Media Services revenue $ 100,232 $ 66,882 Excluding: Political revenue (40,836) (4,136) Audio and Media Services revenue excluding effects of political revenue $ 59,396 $ 62,746

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Full Year 2020 Reconciliation of Revenueexcluding Effects of Political Revenue to Revenue

(In thousands)Successor Company

Successor Company

Predecessor Company

Non-GAAP Combined




2020 2019 2019 2019Consolidated revenue $ 2,948,218 $ 2,610,056 $ 1,073,471 $ 3,683,527 Excluding: Political revenue (167,479) (24,001) (4,777) (28,778) Consolidated revenue excluding effects of political revenue $ 2,780,739 $ 2,586,055 $ 1,068,694 $ 3,654,749

Audio revenue $ 2,681,225 $ 2,447,800 $ 1,006,677 $ 3,454,477 Excluding: Political revenue (98,650) (17,787) (3,980) (21,767)

Audio revenue excluding effects of political revenue $ 2,582,575 $ 2,430,013 $ 1,002,697 $ 3,432,710

Audio and Media Services revenue $ 274,749 $ 167,292 $ 69,362 $ 236,654 Excluding: Political revenue (68,829) (6,214) (797) (7,011) Audio and Media Services revenue excluding effects of political revenue $ 205,920 $ 161,078 $ 68,565 $ 229,643

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Q4 2020 Reconciliation of Digital RevenueExcluding Effects of Podcast Revenue to Digital Revenue

(In thousands) Successor CompanyThree Months Ended December 31,

2020 2019Digital revenue $ 172,168 $ 112,495 Excluding: Podcast revenue (41,960) (21,002) Digital revenue excluding effects of podcast revenue $ 130,208 $ 91,493

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About iHeartMedia, Inc.iHeartMedia, Inc. (NASDAQ: IHRT) is the number one audio company in America based on consumer reach. The company's leadership position in audio extends across multiple platforms, including more than 850 live broadcast stations; its iHeartRadio service available across more than 250 platforms and 2,000 devices including smart speakers, smartphones, TVs and gaming consoles; through its influencers; social; live events; podcasting; and information services for local communities. The company uses its unparalleled national reach to target both nationally and locally on behalf of its advertising partners, and uses the latest technology solutions to transform the company's products and services for the benefit of its consumers, communities, partners and advertisers.

investor.iheartmedia.com

Investors Michael McGuinnessExecutive Vice President of Finance and Deputy Chief Financial Officer [email protected]

fourth quarter 2020 investor presentation · 5 new 2021 segment reporting: 2020 and 2019 q4 and...

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